So we have had the news now for a week that this is coming our way. I spent some time on the phone with a nice lady at the SBA yesterday that helped clear up what I needed to know about the loan, and how to get it. It only took an hour to work through the 975 callers in front of me. (I told her that, and she said Monday the queue was 8000 people deep!
) In any case, my bank has not turned loose the application process yet, despite the fact that there are many other banks that have. If you are a small business owner, and have managed to get the application done and loan processed, please tell us your timeline and which bank you used to facillitate the loan, type of business, and number of employees on payroll. I think it might be interesting to compare notes at the end of this, and see which banks performed the best and worst. I am wondering if there will be a correlation between size of business, number of affected employees and bank used with the speed at which the money hits your account. Please join in with your info if you are in similar shoes.
Business type- restaurant
Number of employees- 38
Bank- Wells Fargo
Application submission date-4/4
I got the dough-TBD